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What is my rights in a shares sales of a buisness

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  • 16-12-2014 9:41pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    So the company I work for plan on selling to a investment firm, they state that its not a sale of the business and that I will still be employed by my company. They claim that its a shares sale of the parent company that I work for.
    The next line then says that this is not TUPE but that the investment company has agreed to keep the main parts of our contracts but not them all.
    Trying to get answers from them keeps hitting a rock (Sorry that's confidential and im not allowed to talk about)
    Anyone care to explain what a shares sale of a business is?
    What rights as an employer do I have in the transferring of ownership via shares?


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    #2
    blindsider
    Registered Users Posts: 2,017 ✭✭✭blindsider


    From the info you've provided, it might be worth contacting

    http://www.workplacerelations.ie/

    or

    http://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/contracts_of_employment/transfer_of_business.html

    If your parent company is being sold, then that should not affect you, or your contract. TUPE is there to protect you, so perhaps you need to know your rights.

    It can be a tricky situation, but I'd get as much advice as possible from the 2 organisations above.


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    #3
    micosoft
    Registered Users Posts: 2,359 ✭✭✭micosoft


    This involves some guesswork but I'm taking it that the company (A) you work for is the subsidiary of a another company (B). Shares in that company (B) are being sold to an investment company. All limited companies are limited by shares. The owners of those shares can sell them to other individuals/businesses - either all of the shares or some of them. You can also create more shares and sell them (to bring in additional capital). Happens all the time and has little or no impact directly on employees (though it make put the company on a different course).

    In any case this has nothing to do with Tupe. That only applies if the company you work for were to outsource the role you currently perform to another Company (C). In such a situation rather then you being made redundant you transfer to a completely different company to the one you now work for. Tupe ensures that the terms and conditions of your current role transfer to the role you have in the other company (the company the role is being outsourced too). From your description this does not apply to your situation.

    I suspect you mean employee in the last sentence. The answer is absolutely none with regard to the sale as that itself has no impact on your terms and conditions as an employee. If this investment company buys the parent company your relationship and terms and conditions remain the exact same with the same entity (its not a different company you work for, its the same company with different owners). Therefore if they want to change any of these conditions they must go through the exact same process as before the sale if they wanted to change your conditions as your direct employer is not actually changing even if the ownership is.

    If they are looking to change T&C as part of the sale, this has to be negotiated with you or your union. I'm unclear if you mean your employee contract or the contracts that the company has with other firms. In either case the ownership change has no effect on your rights. See the above posters links for advice if this is occurring and don't sign anything until you get union/legal advice.


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